According to the National Center for Housing Management, 54% of apartments turn over every year. Each tenant turnover brings with it expenses from cleaning costs to possible repairs. Considering the monetary and other benefits to keeping a tenant in your unit for as long as possible, it’s worth it to find ways to increase the appeal of staying to them. So how do you keep your tenants happy? Start with the golden rule: Treat your tenants the way you would want to be treated.
It may seem simple, but it rings true in real estate as it does in most any client-facing industry. By treating your tenants with respect, they’ll be more likely to want to treat your property kindly, stay longer and pay on time. Over time, your properties will become more profitable.
Whether you’re a first-time landlord or a long-time property manager, start with these basics from a landlord pro:
Stay proactive with maintenance. Keep your properties well maintained and fix any issues in a reasonable period of time. Stay proactive by doing routine inspections.
Pay for necessary repairs. Don’t charge tenants for repairs like plumbing; chances are they didn’t mean to cause that clog on purpose. Plus, it’ll earn you a reputation as a good landlord.
Be fair and reasonable. If there are problems, like a broken water pipe, compensate them somehow, especially if it turns out to be a huge hassle. Consider aking a percentage off next month’s rent or give them a gift card for groceries or gas.
Keep rents at-market. You may even go consider going below market. That way you have a large pool of applicants and can select the best credit quality group that you think will make good tenants.
Reward them. If they pay on time, take care of your property and are good tenants, reward them with minimal rent increases. When it comes times to renew, be proactive and give ample notice. They’ll appreciate it.
Retaining reliable, rent-paying tenants are good for your rental business. You’ll avoid the costs associated with vacancy and keep tenants who you already know will respect your property and pay on time.
